Business

Thousands of PwC employees will receive a 9% salary increase to help with the cost of living

Thousands of employees in PwC are in line for 9 percent salary increase to ease the burden on the lives of its employees.

The accounting giant said half of its 20,000-strong workforce in the UK would gain by at least 9 per cent and 70 per cent by 7 per cent and above.

It comes after inflation in the UK in May reached 9.1 per cent, the highest level in 40 years, and many people experienced difficulties as wages did not keep up with rising spending.

Entry and PwC alumni are also receiving a pay rise, said the UK’s largest accounting firm, with starting salaries in audit positions increased by 10 per cent and in postgraduate positions by just over 8 per cent.

Company chairman Kevin Ellis said PwC “cannot ignore market pressures and wants payment at every level to be as competitive as possible.”

“We know that pay will become increasingly important given the rising cost of living – we want to remain competitive and continue to attract the best talent and skills from across the UK.”

In addition to the fact that PwC is investing another £ 120 million in salary increases, this year is also allocating another £ 138 million for bonuses, which is more than £ 10 million compared to last year.

While other companies, including Lloyds Bank, offered employees lump-sum payments to ease their living expenses, Mr Ellis said the base payment was “particularly important … given what it may have on the mortgage and future salary. “

This came after a union representing Rolls Royce employees rejected a campaign offer of a lump sum payment of £ 2,000, which she said “falls short of the real cost of living faced by our members”.

Earlier this week, Downing Street argued that it would be “reckless” to raise public sector wages in line with inflation, as ministers advocated the resumption of the triple pension block, while advocating for wage restraint elsewhere.

A spokesman for the prime minister stressed that the government really wanted to reward public sector workers with higher wages, but warned against “chasing inflation”, which he said could lead to the salaries of people taking home will be smaller.

Thousands of PwC employees will receive a 9% salary increase to help with the cost of living

Source link Thousands of PwC employees will receive a 9% salary increase to help with the cost of living

Back to top button